ACWA Power raises $300mn
Saudi power project owner taps kingdom's banks for finance.
ACWA Power has raised SAR1.109bn ($295.7mn) in loans from a number of the Kingdom's banks.
The Saudi power project owner increased its 2013 revolving credit facility by SAR 400mn, with National Commercial Bank and Samba Financial Group contributing equally to the extra amount, it said in a statement on Sunday.
The facility, now worth SAR 2.175bn and also backed by Banque Saudi Fransi and Saudi British Bank, has also had its maturity extended by one year to 2019.
The power and water firm has also signed a new five-year revolving corporate facility worth SAR 709mn with Arab National Bank, Bank Albilad and Saudi Hollandi Bank.
The transactions enhance ACWA Power's financial flexibility, and the extension of the 2013 facility was also completed without incremental cost to the borrower, the statement added.